Senex is committed to drill 2 oil wells in PEL514 before end of NOV'13. With recent announcement, PGS will receive $5m cash & probably another $10m upon certifiction of oil reserves prior drilling. PGS will be fully cash up with $15m soon !!! This will underpin 3 cts SP valuation easily prior drilling. Senex also committed to a drill in the Southern Zone of PEL514 ( PGS free carried I think ) & further 3D on the Western Flank.
Could PGS be worth 10 cts when drilling commenseor even more when further 3D firm up more oil potential?
Any opnion?
Senex is committed to drill 2 oil wells in PEL514 before end of...
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